Will advice help - providing a life interest in house for sister if worst happened

[SublimeLemonHead]

Hoping someone can give me a few pointers and thoughts on this please.

Dh and I have been married 10 years and have 3 dc - 16, 14 and 7. We don't own a property currently (privately rent) but have £50k in joint savings and plan to buy in circa 2 years, probably in the £450k bracket which will get a nice detached 4 bed where we live. We have life insurance in place for £330k for me and £350k for him. Both life insurances have the spouse as full beneficiary.

We don't have any wills in place which I don't see as a problem in respect of something happening to one of us. But I want to get something official in place should something happen to both of us.

Unofficially, my sister has said that she would take custody of the dc and also that she'd move to our area (10 miles away) so that dc could continue in same schools etc.

Would it be possible to put a will in place stating that in the event both of us die:

• Dsis has custody of dc
• The life insurance money is used to buy a 4 bed+ house in [postcode] area.
• The house would be owned by dc (in trust?) but that sister would have a lifetime interest to live there, unless she decided to move out after youngest is of age - I figure this is only fair as my sister would be stepping into the parent role, so dc would effectively just 'inherit' from sister instead of us when the time came...sister is similar age to me.
• Remainder of the money, around £200k to be invested and dsis paid £X per year to assist with dc costs (I have no idea how much is reasonable! Dsis has a good career so would also have her own income). Any remaining money to be split between dc (no idea when! 18? 21?)

Does this sound reasonable and something that could be put in a will? Overly complex? Unworkable or unfair? Anything glaring missing?

Would really appreciate any thoughts so TIA.

Also I know this will all need to be discussed with a professional and that we'd need to change things as our situation changed, such as buying a house ourselves in a couple of years. But just wanted to get a first sense check really.

I shouldn't comment really as I see this is in legal so you'd only want that kind of advice, but saw it in Active and gotta say, this is quite the random reason to make a will at this stage. Your eldest is already 16 and you won't even own a house for a couple of years. Why are you suddenly concerned about this enough to make a will with those specific stipulations? In standard wills as homeowners, you can leave the house to DC and also cite who'd be guardian to your DC, but you don't have to give that person a life interest in the house or anything like that. Obviously they could live in it if that were needed to look after the DC, but it's getting into the weeds to make her buy a house in a certain place and have some rights over it for xyz time but then move out. Perhaps there's a backstory as to why this has become a priority now, but my first instinct is that you're overthinking it and that in the hopefully unlikely event of something happening to both of you, your sister and eldest DC would work things out without bringing the house purchase side of things into it. By the time you actually own a house, two of your DC will adults already and the other could live with your sister wherever made best sense for them at the time.

Yes you can do this. It's just a standard will but to cover the eventuality of you both dying together (or within say 28 days) you create a trust in the will stipulating your wishes. You will need a STEP qualified solicitor.

Why are you suddenly concerned about this enough to make a will with those specific stipulations?

Really it's something we should have sorted years ago anyway but just never have.

The only reason I'm now thinking about this seriously is a very silly reason...but dh and I are due to go abroad in September. Just a 3 nighter to Spain. I'm a very (very!) nervous flyer but I just grit my teeth and get through it. Since dc we've been abroad many times, with dc, but never alone.

I always manage to get through the flight okish, put a normal front on for the dc (who love flying!). But now the first ever trip with just us two getting on the plane is approaching, I can't stop thinking about what would happen if something went wrong with just us two on board - bizarrely I'm far more nervous of this than all the times we've taken our dc on flights!

Yes, I know I should probably get some therapy 😂 But I suppose making arrangements isn't an awful idea regardless of what's triggered it.